The 1998 Rice Owls football team represented Rice University as a member of the Mountain Division in the Western Athletic Conference (WAC) during the 1998 NCAA Division I-A football season. In their fifth year under head coach Ken Hatfield, the Owls compiled an overall record of 5âÂÂ6 record with a mark of 5âÂÂ3 in conference play, tying for third place in the WAC's Mountain Division. The team played home games at Rice Stadium in Houston.